Bitcoin Cash Price Analysis: When Will BCH Leave This Range And Continue To Show Some Traces Of Recovery?
- Bitcoin Cash price has consolidated after falling through some interesting patterns across the daily price chart.
- BCH crypto is trying to maintain itself at 20 and 50 EMA, but is still below the 100 and 200 day daily moving averages.
- The BCH/BTC pair is at 0.006108 BTC with an intraday gain of 1.00%.
The entire cryptocurrency market is going through a difficult period as Bitcoin, the market’s biggest dominator, once again falls below the psychological milestone of $20,000 and is currently hovering at $18,700. All other cryptocurrencies are suffering the same fate as Bitcoin (BTC), and Bitcoin Cash’s price, which has fallen to $112 and is currently stalling at the lower trendline in the consolidation phase, is no exception. As it tries to stay on the lower trendline in the consolidation phase, BCH cryptocurrency needs to attract more buyers. The token must advance and stay out of the grasp of card sellers.
The current estimated price of Bitcoin Cash is $115.15 and in the last day it has lost 0.80% of its market value. However, during intraday trading, trading volume fell by 25.61%. This shows that sellers are attracted to the trade to strike down BCH cryptocurrency. The ratio between volume and market value is 0.1083.
Bulls are trying to stay at the current level as the price of the BCH coin falls to the lower level, which will help the token climb back to the consolidation phase. On the other hand, the volume change is below average and needs to improve during intraday trading. Bulls in BCH must step up to free the token from the grip of short sellers.
What do technical indicators suggest about BCH?
Technical indicators point to the BCH cryptocurrency’s struggle to change its momentum. However, the Relative Strength Index highlights BCH coin’s period of consolidation. The RSI is at 46 and is struggling to stay below neutral at this point because it is flat. BCH coin’s sideways movement is visible on MACD. The MACD line crosses the signal line just as the chart is about to indicate a change in direction. Investors in BCH need to watch the daily price chart for any directional changes.
Conclusion
The entire cryptocurrency market is going through a difficult period as Bitcoin, the market’s biggest dominator, once again falls below the psychological milestone of $20,000 and is currently hovering at $18,700. All other cryptocurrencies are suffering the same fate as Bitcoin (BTC), and Bitcoin Cash’s price, which has fallen to $112 and is currently stalling at the lower trendline in the consolidation phase, is no exception. Bulls in BCH must step up to free the token from the grip of short sellers. The MACD line crosses the signal line just as the chart is about to indicate a change in direction. Investors in BCH need to watch the daily price chart for any directional changes.
Technical levels
Support level: $110.00 and $100.00
Resistance level: $130.00 and $150.00
Disclaimer
The views and opinions expressed by the author or any person mentioned in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
